Brent Crude Nears $97 as US-Iran Strikes and Saudi Refinery Hit Fuel Price Surge
Brent crude futures reached approximately $97 per barrel on Monday, marking a near six-week high and a 19 percent monthly increase, driven by intensified military strikes between the United States and Iran in the Strait of Hormuz. The conflict has reduced shipping traffic through the chokepoint to an average of 10 vessels daily, while Saudi Aramco’s Jizan facilities suffered a second attack in a month. US gasoline prices rose to $4.15 per gallon, up 39 percent since the war began in February, with diesel hitting record highs above $5.90. US households have spent an additional $418.82 on fuel compared to normal levels, impacting voter sentiment ahead of midterm elections. China is mitigating the impact by drawing on strategic reserves, increasing Russian imports, and accelerating the shift to electric vehicles.